Analysis Crypto by Thebittimes.Com

The funds will be used to aid the firm's global expansion across tough regulatory landscapes. Japanese blockchain developer HashPort has raised 1.2 billion Japanese yen ($8.5 million) in a Series C funding round led by Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners and Japanese billionaire entrepreneur Yusaku Maezawa. The new round brings HashPort’s total funding to 2 billion yen ($14.2 million).  According to the July 28 announcement, the funds will allow HashPort to consolidate business and secure a compliance management system and related personnel to navigate the sophisticated global regulatory environment for its expansion. The HashPort ecosystem includes its namesake blockchain-related consulting and system solution in Japan and HashPalette, a public chain specializing in nonfungible tokens (NFTs). The company is also scheduled to launch a metaverse game dubbed The Land Elf Crossing in the fourth quarter. In July 2021, HashPort’s Pal...

The Financial Services Authority (FSA) of Japan and the Monetary Authority of Singapore (MAS) have joined forces in Project Guardian, aimed at exploring the potential applications of digital technologies, specifically asset tokenization . The project seeks to conduct pilot experiments to assess the feasibility of these applications while carefully managing the associated risks to financial stability and integrity. Project Guardian is here Several sectors within the industry have already embarked on pilot projects as part of this collaborative endeavor. These include fixed income, foreign exchange, as well as asset and wealth management. By engaging industry practitioners and policymakers, Project Guardian aims to delve into various use cases across different asset classes, thereby enriching the collective understanding of digital asset networks. In the June 26 press release, Leong Sing Chiong, Deputy Managing Director at the Monetary Authority of Singapore (MAS), expressed...

According to a recent report, Kraken, a prominent U.S.-based crypto exchange, announced that it will stop operating in Japan starting next month. With 1,100 employees getting fired, Kraken is one of the worst-hit crypto platforms. According to the crypto ex change , the current state of the market in Japan and the overall crypto market conditions prompted them to take this step. The ex change wrote, “The decision is part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long-term success.” Kraken currently operates as a Financial Services Agency [JFSA] registered exchange. However, on January 31, 2023, it will be de-registered by the Japanese regulator. The exchange as well as the government are currently urging users to withdraw their crypto holdings and fiat investments from the platform. According to a statement from a Japanese government publication, Kraken was urging ...